Is quantum computing threat to Bitcoin ?

[huntingbtc5]

Quantum computers pose a major threat to the security of our private data. So can it break bitcoin ? How vulnerable is bitcoin to it ?

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[mk4]

Yes. It can definitely have a huge negative impact on bitcoin and cryptocurrencies in general. But note that we're going to have significantly bigger problems with quantum computing. With it, the whole internet in general is at risk. We're talking about most encryption systems being rendered useless.

Relevant article:
Quantum Computing Is the Next Big Security Risk: https://www.wired.com/story/quantum-computing-is-the-next-big-security-risk/

[gobingo]

The quantum computer is very sophisticated, but I do not think it will solve bitcoin, and I believe that everything will go well without any hindrance to bitcoin.

[Herbert2020]

a Quantum Computer is not something that is mass produced like PCs and given to all people. it is used for certain things and it is a rare thing. additionally bitcoin is not using some unique cryptography that nobody else uses! the SHA256 for instance is used by a lot of other sectors and if Quantum computers become a risk they become a risk to a lot of different sectors not just bitcoin.

[sundy399]

Due to the computational power of the quantum computer, there is a possibility that the encryption technology of the block chain which is the backbone of the virtual currency will be broken.
If the quantum computer invalidates public key encryption, dependent block chain technology and virtual beliefs are also invalidated.
I believe that cryptographic techniques will also improve by the time that quantum computers are a matter of course.

[boldindusan]

It definitely depends on the rate of adoption of quantum computing on either side as it does for any technology. Governents are usually the first to use technological advancement on a larger scale, but independant developement of bitcoin would even that out by own adoption sooner or later for either bitcoin or another cryptocurrency.

[Tankdestroyer]

We're talking about most encryption systems being rendered useless.

That will only be temporary since it is very likely that in the future, someone will find a way to lessen the risk of being compromised(inventing a more powerful encryption system that cannot be decrypted using quantum computing).

So can it break bitcoin ? How vulnerable is bitcoin to it ?

It poses a major threat for bitcoin and crypto as a whole since it might enable hackers to decrypt the private key of a wallet but like what I stated above, encryption by that time might improve to withstand quantum computing and in order for bitcoin to be quantum computing resistant, it will have a fork that will improve the encryption of its private key.

[aoluain]

The way i see it quantum computing is an evolutionary thing. The power of
hacking will increase with the power of encryption and protection.

Do people think quantum computers are only going to be available to hackers
and for people to do negative things with?

[sainaselalisa]

From my perspective i think quantum may affect on crypto currency. So we need to sincere about quantum computing they harmful for internet also.

[earnetheasy]

Yes this can be a huge threat to bitcoin and not only bitcoin but also to the whole crypto. The whole internet will be at stake if quantum computing comes. Actually the whole encryption procedure is at a threat.

[tromp]

What is the biggest quantum bounty in bitcoin?
I.e. what is the single largest output that is Pay to Public Key?
Is it one of Satoshi's early addresses?
The advent of feasible quantum computing may well be heralded by the claiming of such a bounty.

[annasadia]

Quantum computers are not for bitcoin. It can hardly solve the tricks. But, yes it can be considered to be threat because the encrypted datas can be realesed due to this computer, So, I hope bitcoin authorities will do something to eradicate this sort of threats.

[kittle33]

the dangerous attack by quantum computers is against public key cryptography.

[HeRetiK]

Quantum computers pose a major threat to the security of our private data. So can it break bitcoin ? How vulnerable is bitcoin to it ?

So far it seems like quantum computing will only affect a certain subclass of asymmetric, ie. private / public key cryptography. This means it will become significantly easier to derive private keys from known public keys, which does indeed put bitcoins at risk.

However the public key of a Bitcoin address is not known until the first outgoing transaction is made. Generating a Bitcoin address from a public key involves hashing the key using SHA-256 which is assumed to be fairly quantum-resistant, making your coins save as long as you refrain from reusing addresses -- which, incidentally, is also how Bitcoin is supposed to be used.

That is assuming Bitcoin won't be updated accordingly. I'm fairly confident that Bitcoin will evolve as new security threats arise.

The way i see it quantum computing is an evolutionary thing. The power of
hacking will increase with the power of encryption and protection.

Do people think quantum computers are only going to be available to hackers
and for people to do negative things with?

Regardless of to whom quantum computing will be available, it will still necessitate to upgrade pretty much all of the internet. A daunting task; quantum computers won't help with that.

What is the biggest quantum bounty in bitcoin?
I.e. what is the single largest output that is Pay to Public Key?
Is it one of Satoshi's early addresses?
The advent of feasible quantum computing may well be heralded by the claiming of such a bounty.

The richest addresses are owned by some of the largest exchanges:

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html


So if one of these piñatas gets cracked a lot of people will get a haircut. I do assume that exchanges will change their address usage policies once quantum attacks are at the verge of becoming feasible.

[bob123]

Quantum computers are far from being reality.
Researchers are trying to get these qubits into a stable position. Thats the first which has to happen for quantum computers to become 'realistic'.

Afterwards devices with more than just a few of these qubits have to be developed.

And after years of researching, when (if) finally a working (and usable) quantum computer is developed, there has to be a new algorithm developed which will allow the discrete logarithm and integer factorization to be computed in a way more efficient way than currently possible.

And only then, bitcoin (assuming no changes are being made) will be less secure. It will be about as secure as IOTA is at the moment. Basically Address-reusing will be a vulnerability here.

[Samarkand]

Yes this can be a huge threat to bitcoin and not only bitcoin but also to the whole crypto. The whole internet will be at stake if quantum computing comes. Actually the whole encryption procedure is at a threat.

I highly doubt that quantum computing will even become a problem during
our life time. The advances in terms of processing power of current computers
are already slowing down, because companies like Intel are already having problems
to keep up with Moore's law.

Besides, I read somewhere that a Bitcoin private key is so large that it would take more energy
than is produced by the sun in its lifetime to power a computer that would have
enough computing power to successfully crack it.

There are other threats that are a bigger concern to the security of Bitcoin than
quantum computing.

[kma.deno]

Basically it will affect all the coins not only bitcoin. Truly, it can have a gigantic negative effect on bitcoin and digital currencies all in all. Be that as it may, take note of that we will have altogether more serious issues with quantum processing. With it, the entire web as a rule is in danger.

[HeRetiK]

Quantum computers are far from being reality.
Researchers are trying to get these qubits into a stable position. Thats the first which has to happen for quantum computers to become 'realistic'.

Afterwards devices with more than just a few of these qubits have to be developed.

[...]

The first step, getting a handful of qubits into a stable position, is already done:
https://newsroom.intel.com/news/intel-advances-quantum-neuromorphic-computing-research/
https://www.technologyreview.com/s/610274/google-thinks-its-close-to-quantum-supremacy-heres-what-that-really-means/

It's a long shot from production ready quantum computing, but there's a reason why NIST is already working on a new standard recommendation for post-quantum cryptography:
https://csrc.nist.gov/Projects/Post-Quantum-Cryptography

It's not around the corner, but we're well on our way. It is worth noting though that quantum computing is not the magic wand that it is often made out to be.

I highly doubt that quantum computing will even become a problem during
our life time. The advances in terms of processing power of current computers
are already slowing down, because companies like Intel are already having problems
to keep up with Moore's law.

Traditional computing reaching its physical limit is actually one of the reasons why quantum computing is being heavily researched in the first place. Accordingly we can expect more and more funding being poored into R&D for quantum computing (and other approaches such as neuromorphic computing) as improving traditional architectures becomes less and less feasible.

Besides, I read somewhere that a Bitcoin private key is so large that it would take more energy
than is produced by the sun in its lifetime to power a computer that would have
enough computing power to successfully crack it.

That is assuming brute-forcing the private key space of Bitcoin. Quantum computing could make deriving the private key of an address from its public key actually feasible.

You know how Bitcoin is sometimes described as being protected by math? There are math problems at which quantum computing stands to excel compared to traditional computing -- some of which will likely affect asymmetric cryptography as used by Bitcoin.

There are other threats that are a bigger concern to the security of Bitcoin than
quantum computing.

If you are referring to sociopolitical threats -- yes, definitely.

[kiddikoddi]

Yes quantum computers pose a threat to bitcoin in the future, but first, we need to even learn how to program software for quantum computers that would be able to decrypt the algorithm... so it's not an immediate threat but in the future it could pose a threat.

[bryancowart69]

Quantum computers are bad for our security of our private data. that is the main problem actually. but i believe as technology it upgrading day by day. we will find out something to counter it also.